RED HERRING PROSPECTUS Dated August 24 ... - Globus Spirits

174. For the purpose of giving effect to any resolution under the two last preceding
articles hereof the Board may settle any difficulty which may arise in regard the distribution as it
thinks expedient and in particular may issue fractional certificates, and may fix the value of
distribution of any specific assets, and may determine that cash payment shall be made to any
members upon the footing of the value so fixed in order to adjust the rights of all parties and
may vest such cash or specific assets in trustees upon such trusts for the persons entitled to the
Board. Where requisite, a proper contract shall be filed in accordance with Section 75 of the Act,
and the Board may appoint any person to sign such contract on behalf of the person entitled to
the dividend or capital fund, and such appointment shall be effective.
175. (1) The company shall keep at the office or at such other place in India as the Board
thinks fit, proper Books of Account in accordance with Section 209 of the Act, with
respect to:
(a) all the sums of moneys received and expended by the Company and the
matters in respect of which the receipts and expenditure take place.
(b) all sales and purchases of goods by the Company.
(c) the Assets and liabilities of the Company.
(2) Where the Board decides to keep all or any of the Books of Account at any
place other than the office of the Company, the Company shall within seven days of the decision
file with the Registrar a notice in writing giving, the full address of that other place.
(3) The Company shall preserve in good order the Books of Account relating to
the period of not less than eight years preceding the current year together with the vouchers
relevant to any entry in such Books of Account.
(4) Where the Company has a branch off ice, whether in or outside
India, the Company shall be deemed to have complied with the Article if proper
Books of Account relating to the transactions effected at the branch office are kept
at the branch office and proper summarized returns made up to date at intervals of
not more than three months are sent by the branch office to the Company at its
offices at other place in India, at which the Company's Books of Account are kept
as aforesaid.
(5) The Books of Account shall give a true and fair view of the state
of affairs of the Company or branch office, as the case may be, and explain its transaction. The
Books of Account and other books and papers shall be open to inspection by any Directors
during business hours.
176. The Board shall from time to time determine whether and to what extent and at
what times and place and under what conditions are regulations the accounts and books of the
Company or any of them shall be open to the inspection of members not being Directors, and no
person (not being a member) shall have any right of inspecting any account or books or
document of the Company except as conferred by law or authorised by the Board.
177. The Directors shall from time to time, in accordance with Sections 210, 211,
212,215,216 and 217 of the Act, cause to be prepared and to be laid before the
Company in General Meeting, such Balance Sheets, Profit and Loss Account and
Reports as are required by these Sections
178. A copy of every such Profit and Loss Account and Balance Sheet (including the
Auditors' Report and every other document required by law to be annexed or attached to the
Balance Sheet), shall at least twenty-one days before the meeting at which the same are to be
laid before the members, be sent to the members of the Company, to holders of debentures
issued by the Company (not being debentures which exfacie are payable to the bearer thereof);
to trustees for the holders of such debentures and to all persons entitled to receive notice of
General Meeting of the Company.
AUDIT
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